Illegal activities involving cryptocurrencies, including ETH-related scams, significantly declined in the first half of 2024, according to data from Chainalysis. Crypto Scams on the Decline According to Chainalysis, fraudulent transactions involving Ethereum dropped by 69%, and Bitcoin-related scams fell by nearly 50% compared to 2023. Last year, Japanese exchanges facilitated inflows of $44.6 million in ETH and $11 million in BTC linked to scams. In 2024, these amounts decreased to $13.7 million for ETH and $5.7 million for BTC. Decline in Non-Crypto-Native Scams Scams unrelated to cryptocurrency, such as traditional financial fraud, also saw a reduction. Ethereum tied to these activities amounted to a nominal $1,171, while BTC-related scams halved to $18.8 million. New Money Laundering Techniques The report highlights the evolution of money laundering strategies. Offenders increasingly use consolidation wallets and decentralized exchanges to convert ETH into stablecoins like Tether (USDT). “The rapid pace at which offenders create new wallet addresses makes real-time tracking challenging. However, identifying key points of consolidation helps estimate the scale of these illicit activities,” Chainalysis stated. Digital Currencies Beyond Crypto as a New Fraud Target While the decline in crypto scams brings positive news, new concerns are emerging about the security of digital payment s outside the cryptocurrency world. Japan has recently faced several cases of fraud involving regional digital currencies. In Osaka, for instance, police arrested seven individuals for exploiting the city’s digital currency, "machikane points," using stolen credit card information to claim fraudulent premium rewards. Regional Digital Currencies Under Pressure The number of Japanese municipalities issuing regional digital currencies has surged – from 32 in 2019 to 219 in 2023. However, this rapid expansion has attracted phishing groups, which experts identify as a growing threat. The decline in crypto scams marks a positive trend, but challenges tied to digital currencies outside the crypto space underscore the need for preventive measures against fraudulent activities.

#Cryptoscam , #chainalysis , #CryptoSecurity , #digitalassets , #CryptoNewss

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies! Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“